First Department Examines Scope of Indenture Trustee’s Duties
The First Department has issued an interesting (not RMBS-related) decision discussing what duties an indenture trustee owes (or at least might owe) an investor.
First Department Addresses Several Put-Back Action Issues
Today, the First Department issued a decision in Computershare v. Natixis. The decision touches on several topics, including whether raising a borrowing statute argument (that is, arguing that another jurisdiction’s shorter statute of limitations applied) should be barred when it was raised for the first time five years into the case (it was not). Continue reading First Department Addresses Several Put-Back Action Issues
Trustee Action Settlement
NCUA has settled with Wells Fargo. If/when the settlement amount becomes public, we will let you know.
Well Fargo Departs Corporate Trustee Business
Wells Fargo has announced it is selling its corporate trust services business.
Gross Negligence Claims Do Not Bar Application of Sole Remedy Provision
The Court of Appeals has held that in an RMBS put-back action, claims of gross negligence cannot overcome the limitations of a PSA’s sole remedy provision.
RMBS Statute of Limitations Decisions
Here are some recent decisions regarding the statute of limitations. Justice Friedman dismissed Ambac’s fraud claim against Countrywide, finding that the suit was time-barred. In particular, she held that Ambac Continue reading RMBS Statute of Limitations Decisions
Depositor Cannot Block Put-Back Action
The PSAs for many trusts in which Goldman Sachs was involved say (in various ways) that the trustee can bring a put-back action only with the depositor’s consent or at Continue reading Depositor Cannot Block Put-Back Action
Trustee Bound by Obligation to Exercise a Trust’s Rights
Here is a recent decision by Justice Cohen in an RMBS trustee action. There is lots of good stuff in here, in particular the recognition that the duty to hold Continue reading Trustee Bound by Obligation to Exercise a Trust’s Rights
U.S. RMBS Market Readies Itself for LIBOR Transition
The Oakleaf Group recently posted an analysis of LIBOR transition as it relates to RMBS.
New York Recognizes Cross-Jurisdictional Class Action Tolling
The New York Court of Appeals has ruled that New York recognizes cross-jurisdictional class action tolling. Here is how the decision makes a difference. If a class action was brought Continue reading New York Recognizes Cross-Jurisdictional Class Action Tolling